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AWM Investment Company, Inc. - News Release

NEW YORK, May 13 /CNW/ - AWM Investment Company, Inc. ("AWM") announced today that warrants of Xebec Adsorption Inc. ("Xebec") owned by two funds each advised by AWM are expiring today, May 13, 2010. Warrants which are exercisable for 3,123,000 common shares are owned in aggregate by Special Situations Fund III QP, L.P. ("SSFQP") and Special Situations Cayman Fund, L.P. ("Cayman"), of which warrants to purchase 2,451,555 common shares are owned by SSFQP and warrants to purchase 671,445 common shares are owned by Cayman.

Three funds (the "Funds"), each advised by AWM, own common shares of Xebec ("Shares") and warrants exercisable for Shares of Xebec. In addition to SSFQP and Cayman, the Special Situations Private Equity Fund, L.P. ("SSPE") also owns Shares and warrants.

Following the expiration of such warrants described above, the Funds collectively own 8,443,900 Shares and warrants to purchase 1,666,700 Shares, representing approximately 27.5% of the outstanding or deemed outstanding Shares. SSFQP holds 5,985,865 Shares and warrants to purchase 1,026,246 Shares, SSPE holds 666,666 Shares and warrants to purchase 333,333 Shares, and Cayman holds 1,791,369 Shares and warrants to purchase 307,121 Shares. The Funds own the securities, and AWM controls such securities, as investment advisor to each of the Funds.

AWM holds the securities of Xebec on behalf of the Funds for investment purposes. AWM and/or the Funds may purchase additional Shares and/or warrants and/or other securities, or dispose of Shares and/or warrants and/or other securities, of Xebec from time to time as circumstances warrant. AWM and the Funds may be considered to act jointly or in concert.

AWM's address is 527 Madison Avenue, Suite 2600, New York, New York 10022.

SOURCE AWM Investment Company, Inc.

For further information: For further information: Contact: Rose Carling at (212) 319-6670